Key indicators show promising trends, including a doubling of new listings, reflecting renewed confidence in the market.

Highlights:

1. Steady Interest Rates: Interest rates remained stable, providing a favourable environment for both buyers and sellers.

2. Market Recovery: The market rebounded with an increase in home sales, breaking a six-month decline streak. This positive shift suggests renewed activity and confidence among buyers.

3. Balanced Pricing: Home prices remained relatively flat, creating a balanced market. This equilibrium benefits both buyers and sellers, offering stability and reasonable pricing.

4. Days on Market: The average number of days on the market varied across property types. Single-family detached homes spent 44 days, apartments 41 days, and townhomes moved quickly at 33 days, providing insights into the pace of transactions.

5. Local Insights: If you're curious about how the market is faring in your neighbourhood, contact me for personalized insights and information tailored to your...

According to the latest Royal Lepage Millenial demographic survey; While buyers have moved to the sidelines as they wait to see the results of rising interest rates on property prices, the need for housing has not gone away. We could see another surge after this cool down period when buyers re-enter the market.

- 60% of Canadian millennials who do not currently own a home believe they will one day, however, 52% of them say they would have to relocate in order to achieve this milestone

- Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years

Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada.